entral Banks (eg SNB) with negative rate regimes have chosen to apply exemptions, thereby limiting the cost to the banking sector. Impact on Banks (Kinner Lakhani) • A deposit rate hike to -20bps benefits the sector PBT by 1.6% (with big saving countries like DE 5%) • A exemption of 20x your reserve require

77 7532 and use conference ID 5299783) -Introduction / Moderator — Shilpa Kapur and Ben Coates -Economics — Mark Wall, Chief Economist -Research — Kinner Lakhani, Head of European Research and Head of Financials Research -Equities — Karim Moussalem, Co-Head of Global Equities Trading -Equity Derivatives — Sa

> Financials Deutsche Bank 0 Credit Suisse Kinner Lakhani, BUY, close CHF17.81 CHF21 tgt, 18% upside ■ CS has superior Wealth Management operating momentum of 13% CAGR PBT over the next 3 years supported b